According to a new study, conducted by the international economic consulting firm TERA in conjunction with the think tank Forum d’Avignon, the European creative and cultural sector experienced 200,000 job losses between 2008 and 2011.

The study, which was published last Wednesday, measured the contribution made by the creative and cultural sector in terms of value added to GDP and jobs created between 2008 and 2011, across the EU’s 27 member states (not counting Croatia, which joined in July 2013), as well as within the five principal European markets (Germany, France, Spain, Italy, and the UK).

The study concludes that the total contribution of the creative and cultural sector to the European economy is decreasing. Although the economic contribution of the creative and cultural sector to GDP has remained stable, its contribution to job creation has declined. According to the study, the divergence between GDP and employment growth has primarily resulted from changes in the productive system of the creative industries, which has come to rely more on capital than on labour. The study describes the findings as showing “an alarming tendency that is counter to the objectives of the European Commission, which predicted that the growth of cultural and creative industries should be comparable to service industries.”

These falling figures suggest that that the EU is losing approximately €20 billion in potential added value to GDP. The study warns that if no action is taken, 400,000 creative and cultural sector jobs could be lost in Germany, Spain, France, Italy, and the UK—the five countries that make up over 70% of the European creative economy. Across all 27 EU member states, the creative industries could face sharp retail revenue losses of between €166 billion and €240 billion by 2015, which could put up to 1.2 million jobs in danger. The study pinpoints internet piracy as the biggest threat towards growth in the creative and cultural sector.

However, despite the warnings, the study emphasizes that the creative and cultural industries remain an important economic driving force within Europe, providing 14 million jobs, or 6.5% of total European workplaces. The total added value of the creative industries tops €860 billion, which makes up 6.8% of the European GDP.